Focus on Precious Metals, Trade Quiet, Market Waits to Hear from Bernanke

Posted by: : Paul EbelingPosted on: July 16, 2013 Focus on Precious Metals, Trade Quiet, Market Waits to Hear from Bernanke

US Gold prices finished pit trade higher in quiet trade Tuesday. Precious metals  were supported by a lower US Dollar index. Short covering and  bargain hunting featured.

Aug Gold was last + 7.00 at 1,290.50 oz.

Spot Gold was last quoted + 8.60 at 1,292.25 oz.

Sept Comex Silver  last traded + 0.116 at 19.955 oz

World market are  looking ahead to Wednesday appearance by US Federal Reserve Chair Bernanke before the US House of Representatives, he will report on US  monetary policy and the economy.

Traders hope the Fed Chair will offer  clues on when the Fed will start to back off on its QE program. Many still believe the Fed will begin to pare in September, but last week hinted he wants QE to start to wind down later rather than sooner, as he feels the  US economic recovery is fragile.

US economic data out Tuesday; consumer price index for June came in a bit  higher than expected, + 0.5%, industrial production and capacity  utilization was close to expectations. The data has not impacted the market or precious metals.

Reports overnight said  demand for physical Gold from India and Asia is growing, this is supportive for the overall Gold market. The word is that central banks are buying Gold at these lowered prices.

The London PM Gold fix  is 1,291.50 Vs the prior London PM fixing at 1,284.75.

 

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Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.
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